Lumentum (NASDAQ:LITE) Releases Q1 2022 Earnings Guidance

Lumentum (NASDAQ:LITE) issued an update on its first quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.470-$1.610 for the period, compared to the Thomson Reuters consensus estimate of $1.450. The company issued revenue guidance of $430 million-$445 million, compared to the consensus revenue estimate of $437.13 million.

LITE stock traded up $0.43 during midday trading on Wednesday, hitting $86.34. The company’s stock had a trading volume of 8,416 shares, compared to its average volume of 1,311,560. The firm has a market capitalization of $6.28 billion, a P/E ratio of 17.01 and a beta of 0.92. The firm has a 50-day simple moving average of $83.64 and a 200-day simple moving average of $84.43. Lumentum has a 52-week low of $65.67 and a 52-week high of $112.08. The company has a quick ratio of 3.37, a current ratio of 3.67 and a debt-to-equity ratio of 0.40.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, August 17th. The technology company reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.09. The business had revenue of $392.10 million during the quarter, compared to analysts’ expectations of $382.17 million. Lumentum had a net margin of 22.80% and a return on equity of 20.42%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.18 EPS. On average, sell-side analysts expect that Lumentum will post 4.58 earnings per share for the current fiscal year.

A number of research firms have commented on LITE. TheStreet upgraded shares of Lumentum from a c+ rating to a b- rating in a research note on Friday, September 10th. Raymond James lifted their price objective on shares of Lumentum from $85.00 to $96.00 and gave the company a strong-buy rating in a research note on Thursday, August 19th. Zacks Investment Research upgraded shares of Lumentum from a sell rating to a hold rating in a research note on Tuesday, July 20th. Rosenblatt Securities boosted their price target on shares of Lumentum from $80.00 to $85.00 and gave the stock a neutral rating in a research note on Thursday, August 19th. Finally, Barclays assumed coverage on shares of Lumentum in a research note on Tuesday, May 18th. They set an overweight rating on the stock. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Lumentum presently has a consensus rating of Buy and an average target price of $96.76.

In related news, CAO Matthew Joseph Sepe sold 3,145 shares of the company’s stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $86.37, for a total transaction of $271,633.65. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 6,481 shares of the company’s stock in a transaction that occurred on Wednesday, August 18th. The shares were sold at an average price of $82.50, for a total transaction of $534,682.50. Following the transaction, the chief financial officer now directly owns 70,314 shares in the company, valued at approximately $5,800,905. The disclosure for this sale can be found here. Insiders have sold 25,146 shares of company stock worth $2,144,141 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Lumentum Company Profile

Lumentum Holdings, Inc engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.

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Earnings History and Estimates for Lumentum (NASDAQ:LITE)

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